Wills, Trusts, and Estates
The attorneys at GALLAGHER KRICH APC, are dedicated to helping clients and local families with their estate planning needs. If you would like to establish a will or trust, please call our office at (858)250-0978 or send an e-mail through our contact form to get started.
A will is a common estate planning document. It may contain information relating to the distribution of assets after a person dies. A will may also name caretakers for young children and other instructions that relate to child care to take effect if the parent or parents die.
The document contains other important information and instructions, too. For instance, a will needs to name the fiduciary responsible for fulfilling its terms. Once the will’s creator dies, the personal representative of the will fulfills all instructions according to the law of probate.
Will creation is important even for the relatively young and healthy. If an accident were to happen, you risk having no influence over key decision-making when it comes to your money and property. In drafting wills, our Salem-based lawyers apply a meticulous attention to detail.
The Establishment of A Trust
Trusts, including special needs trusts and what some call “living trusts,” are important planning tools. A trust consists of a trustee (the person in charge of the designated assets like money or property) and the beneficiary (the person who literally enjoys the benefits of the trust assets). Trusts can be used in many ways, including to ensure that sufficient funds are available for retirement and to avoid the high cost of the probate process. Further, trusts can be an invaluable vehicle for avoiding estate taxes at your death and avoiding the financial devastation that a prolonged nursing home stay can cause.
A trust is a popular method of maintaining greater control over monetary and real estate assets. A person creates the trust while he or she is living, maintains control of it and is able to detail specific instructions well past the time of death.
The financial advantages and the controls offered through trusts make them invaluable estate planning tools.